Here is an option quote on IBM from the CBOE Web site showing options expiring in October and November 2015. See attached for chart and questions.

Here is an option quote on IBM from the CBOE Web site showing options expiring in October and November 2015. a. Which option contract had the most trades on that day? (Select the best choice) Option: 15 Oct or 15 Nov, / 145, 140, 150,155 / and put or call b. Which option contract is being held the most overall? (Select the best choice) Option: 15 Oct or 15 Nov, / 145, 140, 150,155 / and put or call c. Suppose you purchase one option with symbol IBM1516J150. How much will you need to pay your broker for the option (ignoring commissions)? (Select the best choice) A. Payment = $1.13X100=$113 B. Payment = $1.53X100=$153 C. Payment = $1.54X100=$154 D. Payment = $1.50X100=$150 d. Explain why the last sale price is not always between the bid and ask prices. (Select the best choice) A. The last sale may have happened before the bell, whereas bid/ask are current quotes. B. The last sale may have happened earlier in the day, whereas bid/ask are current quotes. C. The last sale may have happened on the floor of the CBOE, whereas bid/ask are current quotes. D. The last sale may have happened during the previous day, whereas bid/ask are current quotes. e. Suppose you sell one option with symbol IBM1516V150. How much will you receive for the option (ignoring commissions)? (Select the best choice) A. Payment = $1.13X100=$113 B. Payment = $2.47X100=$247 C. Payment = $2.44X100=$244 D. Payment = $2.24X100=$224 f. Which call options are currently inthemoney? Which puts are inthemoney? (Select the best choice) Calls: 145, 140, 150,155. Puts: 145, 140, 150,155 g. What is the difference between the option with symbol IBM1516J140 and the option with symbol IBM1506K140? (Select the best choice) Identical except that the second or first expires one month later or earlier than the second or first. h. On what date does the option with symbol IBM1516V140 expire? In what range must IBM's stock price be at expiration for this option to be valuable? (Select the best choice) This option expires the Saturday or Friday following the third Friday or Thursday of October 2015, or October 17 or October 16